IMF's bank-tax proposal wouldn't reduce risk, critics say

04/22/2010 | MarketWatch

A proposal by the International Monetary Fund to levy two taxes on banks would do little to curb risk and would only punish financial institutions as well as the broader economy, according to SIFMA and other groups. "At a time where credit availability is still scarce and financial institutions continue to recapitalize, instituting such a tax would certainly hinder financial institutions' ability to finance business expansion, home, student, and car loans, and dampen job creation at exactly the wrong time," said SIFMA President and CEO Timothy Ryan. Read SIFMA's news release.

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